The resignation of Craig Mather and Bryan Smart from the board of Rangers International PLC, in the wake of a damaging court defeat and a fiasco over the weekend, when inappropriate statements were issued on the club’s web site which did not adhere to stock market rules, leaves the company in a remarkable situation, indicated by a stock market notice this morning:
“The company, working with its advisers, will now seek to strengthen the board… to meet the standards required for an AIM company”.
Note the phrase “working…. to meet the standards required for an AIM company”.
After another director, Ian Hart, bailed out last week, and former chairman, Walter Smith, walked away two months ago, the company only has two directors left, FD Brian Stockbridge and non-exec James Easdale.
I believe an AIM company needs one more non-exec than executive directors. Easdale is a significant shareholder, meaning there is no independent non-exec on the board able to become chairman.
The normal course of business is to appoint a director before you resign, or dismiss an existing director, to ensure the company has the necessary quorum to carry out its business. If the company is not compliant in this respect, the board does not have the authority to subsequently appoint a director, nor can it call a General Meeting (Annual or Emergency).
If we take a step back from the immediate actions we could note that the main players in the phoenix have now left the stage, after being well compensated. Brian Stockbridge is left holding the power-down switch of the deserted White Star Line flagship.
In the event that a serious trading position lies ahead, the men who created it can point to the disruptive actions by the Rebellious Requisitioners (who don’t have a single vote more than they had yesterday), from the safety of their various chateaus. They’ve gone, the patsys are in place…..
As always with this story, when an action is grabbing all the attention, look for what is happening offstage. Our Hero has been playing his cards close to his chest recently.
Order Sean Fallon: Celtic’s Iron Man, below:
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I urge all CQNers and comedy fans to make a point of catching up with tonight’s Scoreboard on Shortbread from about 6.30 – 7.00pm.
You will thank me for this.
Oldtim67
I should be in town a wee bit earlier this time. About half past one. Dump my bag at the hotel and I’ll catch you at BBs about 1400 if that’s ok. If not, I think Kinkinthenakas has my mobile number.
HH
Opened a bottle of wine…….and aye ,before yees all
start I know it’s a school night…….thinking about asking
oldtim tae runaway wae me.
Next Tuesday evening I plan to escape from my City Centre workplace around 3.45 and have 3½ hours of shandies before taking my place in The Park. My route may possibly include a detour through Merchant Square and a stop off at West. Food will have to be partaken of at some point. I may have a daughter and a son’s girlfriend in tow. I’ll try to remember my ole CQN badge.
stillaweebitvagueCSC
oldtim67
18:44 on 16 October, 2013
Busy day at work, logged on and read your post makes good reading, we all have those thoughts, but you put it into words.
Ayrshire is Green and White
HH
New series on sky tonight, ‘the tunnel’, a remake of the scandinavian ‘the bridge’
A corpse is found exactly halfway along the Clyde tunnel.
When it is taken to the morgue it is found to be not one, but two dead football teams stitched together.
Chuck Dung is an absolute disgrace. How he has made a career in broadcasting/journalism is beyond me. His defence of King tonight was littered with falsehoods.
He often repeats that SDM injected £100m into Deadco. No he didn’t the Bank of Scotland did. It is true that the £18m deadco debt was relatively insignificant in the global Lloyds exposure to SDM empire. Lloyds could have taken the view to wrap the £18m in with the larger exposure and leave deadco debt free. However I am sure that when Lloyds realised the very generous credit terms SDM had been receiving from his old friends at BoS they decided to make an example of his pet and most high profile project that was deadco.
“Do you Thick Hun take Moonbeams to be your lawful, wedded hun?”.
“Yes! Oh yes! But what about Graeme and Walturd? Let’s change marriage definitions even further.”
JohnnyClash
19:09 on
16 October, 2013
I urge all CQNers and comedy fans to make a point of catching up with tonight’s Scoreboard on Shortbread from about 6.30 – 7.00pm.
You will thank me for this.
——-
Aye, the oul’ Panto season starts earlier every year
Tho’ I expect there will be heavy ‘redaction’ in progress as we speak
unless someone somewhere at Auntie wants Chuck Dung….
chucked oot!!
Totally hilarious stuff
HH
any links to wee Chico?
Chico is only doing what every other SMSM lamb junkie has to do. He can’t go back on all those ‘…my inside information is that Eion Jess will sign for rangers…’ Every time they played Aberdeen, or those stories about ‘new investment’ down Govan way from a source (=jack).
He’s very much yesterday’s man, like many a seedy hack who loses his address book, chico is an irrelevance.
Honestly after Traynor you think that the BBC would know better. Chick is an utter disgrace., Walty Ally and SDM the trio that did no wrong apart from take vast sums out of the club they love!!! Honestly these people do the ultimate Rangers cause no favours, until they run the club in line with there costs the same situation will repeat itself
Rich guys robbing poor mugs with Chicks encouragemnet
OldTim
Just read back- superb stuff!!
It seems such a long time ago when I became aware of this sainted blog- your contributions kept me coming back
Enjoy your ‘full-shift’ on Tuesday
HH
Wee Chico’s defense of SDM is interesting if not
surprising, if you tie it up with hun speculation about
Bain……….then maybe a white charger is being
mounted and the real real R#####s men are
riding to the rescue.
Any links to scoreboard would be appreciated.
Also, Dunfermline were acquired from the Administrators before liquidation unlike another recent former SPL club.
History is a liquid commodity
The way the bank looked at rangers debt has to seem as part of the whole of DM’s failed businesses. They could get 18 million back from one part of that failed company so they made sure they got it.
Chick Young once said the reason Celtic fans got a good reputation during Seville was due to the local government there wanting to show they could run events well so they could achieve more in the future so told the police to go gentle. He is a wee turd of hun apologist.
notthebus
19:05 on 16 October, 2013Oh please be true from FF_______________________nterim CEO to be appointed on Friday. Bain?Half-decent source (which I’ll keep to myself) but its my duty to share.Stockbridge chucking it tomorrow. Easdale hanging in there but freely admits he’s no clue about the day to day stuff. Apparently Martin Bain has been approachedOffered it until at least the end of the calender year.No indication whether he’ll accept.
I saw them all at Cameron House on Monday night, BS CM JE and SE… something was afoot, aye the boot.!
HH
Stephen Fry on BBC tonight.
Oldtim67,
Great post from earlier,
sums up CQN in a nutshell.
Would love to read thé tale of your trip to Lisbon if anyone has it available to post.
I only got to see the game on my black & white telly.
(Oldish tim)
jobo baldie
19:12 on 16 October, 2013Next Tuesday evening I plan to escape from my City Centre workplace around 3.45 and have 3½ hours of shandies before taking my place in The Park. My route may possibly include a detour through Merchant Square and a stop off at West. Food will have to be partaken of at some point. I may have a daughter and a son’s girlfriend in tow. I’ll try to remember my ole CQN badge.stillaweebitvagueCSC
Where do you get the badgeees?
HH
Oldtim67
After a long, tough day and in a poor mood I log in to CQN and my day changes immediately.
A simply wonderful post.
It confirms what we already knew, you are a CQN Legend.
Take care and God bless.
oldtim67
18:27 on
16 October, 2013
I can certainly say Neil has been a good source of info on the “financial basket case” as he puts – I’ll ask him about the chilean wines, and get back to you on that one !
HH
Thanks Philbhoy.
Evening Timland from a warmish hun free mountain valley.
Oldtim
Seems you have lifted the doom and gloom from the blog, well done mi amogo, kwality post from a kwality Celtic man.
…………………………………………….
ACGR
Sorry to hear about your troubles, any ideas on who it was ?
feckin scum are everywhere.
HH
Oops!
Seriously though, that was an enjoyable post from oldtim.
MickTT –
Bought my first badge at a CQN Quiz night around 3 years ago. Ordered my 2nd sometime in 2012 when celticrollercoaster was selling them as part of the Wee Oscar fundraising. You can have them both for £60.
Oops, soree, amigo, fat fingers.
MickTT (and all others!) –
That was of course a joke!!
oldtim67 19:00 :
I get lunch 13:00 to 14:00 phone or text me if you are around between then, if Blane Valley I’ll buy you that 1/4 Gill…
Keep the Faith!
Hail Hail!
SSB,
” if ma fether wiz alive this wid kill him, cause he wiz a bear and his fether wiz a bear”,,,,,,,,,,
That was funny,
Happy Celticing
GBWOK
RRC:
18:56 on 16 October, 2013
“Still find it amusing when folk still get “Aw_Naw’d” by newspaper articles”
It must have been AweNaw playing chuck dung on shorbreid earlier. You couldn’t take it seriously.
notthebus
From TSFM earlier
Do I not recall Mather saying that there would be no sale and leaseback while he was in charge? Maybe that explains his somewhat abrupt departure?
The back of my fag packet (which has been amazingly accurate so far) tells me that the cash will run out long before April unless something is done very soon to pump more cash in. Looks like Stockbridge is just hanging on to run the shredders one last time, then switch off the lights.
By the way, I read on KDS that Stockbridge’s house in Bearsden has just been put up fpr sale. If that’s true, then I feel the the end game may be upon us. At least for this act of the panto.
—————
And then from another poster later
The Bearsden house is indeed up for sale. I won’t post the link here but it’s on the market. The end is in sight.
jobo baldie
19:33 on 16 October, 2013MickTT –Bought my first badge at a CQN Quiz night around 3 years ago. Ordered my 2nd sometime in 2012 when celticrollercoaster was selling them as part of the Wee Oscar fundraising. You can have them both for £60.
I knew you were a good un…. that’s UN..!
HH
…well, that’s the baw burst noo!
.. managed to coincide a visit home with CL game, and daughter advises me she has sourced tickets, but canny go now….
has taken me an hour to read back first 4/5 pages and i’m not sure who said it, probly oldtim
… met thousands of cqnr’s and not one a duffer… guess i’ll watch the box, just in case.
Its not that i have a sad life, its just that i am listening to SSB at work.
And its not to often that i get to have a wee laugh out loud moment while working,
micktt
19:38 on 16 October, 2013jobo baldie19:33 on 16 October, 2013MickTT –Bought my first badge at a CQN Quiz night around 3 years ago. Ordered my 2nd sometime in 2012 when celticrollercoaster was selling them as part of the Wee Oscar fundraising. You can have them both for £60.
I knew you were a good un…. that’s UN..!
Mmmm on reading that back it sounds to much like it, sorry… a good yin.. which rhythms with Tim
HH
Johnny clash,
Thanks for the heads up,
will download tonight when it’s available.
Chick Young plumbs new depths on RS tonight
Murray not at fault in any way for the Hun demise ….Lloyds forced the sale to CW…ergo their fault
King will be rubber stamped as fit and proper …as told by SFA …refuses to accept the reality of a Kings conviction
And
The constantly walking away Walturd hasn’t been at faulting any way
How can the bbc continue to employ this idiot with his obvious failure to be impartial